US Job Growth Slows in October but Labor Market Remains Resilient

The US economy added 150,000 jobs in October, falling below expectations but still a solid month of job growth. The unemployment rate ticked up to 3.9%.

October's weaker job growth was largely due to a 35,000-job decline in manufacturing, attributed to strikes in the auto industry. This should rebound in November as strikes end.

Job growth has slowed from 2021-2022 but is still well above the level needed to keep up with population growth. The labor market remains resilient.

Wage growth ticked down slightly in October to 4.1% annually. This may help ease inflation pressures.

The share of long-term unemployed rose slightly, signaling laid-off workers are having more trouble finding new jobs. But open jobs still outnumber unemployed workers.